Project Initiation: Starting a Successful Project
Initiation is the first phase of a project and begins after a problem or opportunity has been identified. A well-planned initiation results in a strong foundation for your project, and sets it up for success.
During the initiation phase, the project manager questions stakeholders and performs research to identify the project goals, determines resources, and documents the key components. It's your responsibility as the project manager to help identify the project goals, resources, and other details based on initial discussions with the project stakeholders.
Well-planned initiation is essential for success. Everyone should have the same understanding of the project; thus, saving time and avoiding extra work. A proper initiation should conduct a cost analysis to ensure that the benefits outweigh the costs.
A cost analysis determines the benefits by identifying values, cost-effectiveness, earning, time efficiency, and the way to improve the user experience of the project.
A cost analysis also determines the costs by indicating the time spent by people as well as one-time, ongoing, and long-term costs.
To determine the benefits of a project, those questions might include:
You might also consider questions about intangible benefits. These are gains that are not quantifiable, such as: